Written By:
Louis A. Tucci Managing Director L. Tucci Financial LLC Before we discuss the relationship of debt within a successful 1031 exchange, a quick review of the basic rules of a successful 1031 is a good place to start. Rule #1 Must have a Qualified Intermediary prior to the closing of the relinquished property. Rule #2 The replacement property must be “liked- kind” property. “Like-kind” refers to the character or essence of the property. Rule #3 Replacement property must be equal to or greater than the value of the relinquished property (less closing cost related to selling the relinquished property) Rule #4 Investors have 45 days from the date of closing to identify the replacement properties. There are 3 rules for identification; the 3-property rule, the 200% rule and the 95% rule. For more information on the identification rules you can visit my website @ www.ltuccifinancial.com. Rule #5 180 days to close on a property or properties from your identification list. Rule #6 Debt replacement There is widely held misconception… READ MORE CIANJ member, Louis Tucci, currently serves as the Managing Director at L. Tucci Financial LLC. Using his business experience, Louis endeavors to help others achieve their financial independence. He can be reached at 201-291-2672 or [email protected] Disclosure: Louis A. Tucci is a Registered Representative of Coastal Equities, Inc. and an Investment Advisory Representative of Coastal Investment Advisors, Inc. Neither Coastal Equities, Inc. nor Coastal Investment Advisors, Inc. is affiliated with L. Tucci Financial, LLC. Investment Advisory Services are offered through Coastal Investment Advisors, Inc., and securities are offered through Coastal Equities, Inc., Member FINRA/SIPC, co-located at 1201 N. Orange St., Suite 729, Wilmington, DE 19801. Coastal and CoastalOne are trade names for the Coastal Companies. The Coastal Companies are Coastal Equities, Inc. Coastal Investment Advisors, Inc. a US SEC Registered Investment Adviser and Coastal Insurance Services, which consist of several affiliated insurance agencies, co-located at 1201 N Orange St., Suite 729 Wilmington DE 19801
0 Comments
Leave a Reply. |
Guest Blog
Archives
July 2024
Categories |